The 35-year-old woman has been released on bail pending further inquiries and the 17 year old has been freed pending a report to the Public Prosecution Service.
Police have been given an extra 36 hours to question three men.
The body was found close to Mourneview Street in Portadown on Sunday morning.
Police have said they believe they know the name of the dead man but have yet to release his name.
Ulster Unionist councillor Doug Beattie said there was "shock and confusion" among people living in the area over the discovery.
"It is a quiet area and it's not the sort of thing you'd expect to happen," he added.
"We really have to be thinking of this man's family and friends."
A woman and a girl arrested after a man's body was found in a stream in County Armagh have been released from police custody.