Panama FA (FEPAFUT) have published an official protest on their website:
Panamá protesta por el Ranking FIFA utilizado para sorteo del Mundial Brasil 2014
Also, read Julio Dely Valdés (Panama NT manager) take on this:
Es injusto para Panamá
As mentioned in this post, if the July ranking would have been used Jamaica, Panama, Antigua and Barbuda, Suriname would all climb one pot, while Honduras, Cuba, Haiti and Grenada would drop one pot.