Police said they also found small pieces of white polystyrene in the water today, which could be surfboard material.
Baccanello was at the back of a group of about a dozen surfers on Saturday when he was attacked, with no one else injured.
Extensive searches over the weekend turned up nothing but a surfboard with a large bite out of it, as locals began mourning the 46-year-old Elliston Area School teacher.
Support is being offered to his students and colleagues, who will return to school today.
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Elliston is an isolated coastal town about 600 kilometres west of Adelaide with a population of less than 400.
The area is well-known for the high number of sharks off the coast.
However, this would mark the first fatal shark attack off the coast of South Australia since 2014, when another teacher was taken in the waters off Yorke Peninsula.