Here series of pots related to BEx messages continues. Some month ago I wrote a post about maximum lines that BEx report can display. Here are warning messages related to this topic:
Result set too large (1019760 cells); data retrieval restricted by configuration (maximum = 500000 cells)
Maximum number of rows (65535) exceeded. Result is incomplete. BRAIN 67565535
Anyway conclusion is the same: You cannot get more then 65536 from Excel. For detail see How long BEx report in Excel can be?
More post on that topic: