Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
KEYSER RICHARD L
   2. Issuer Name and Ticker or Trading Symbol
GRAINGER W W INC [GWW] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chairman and CEO
(Last)
(First)
(Middle)
100 GRAINGER PARKWAY		 3. Date of Earliest Transaction (Month/Day/Year)
03/22/2007
(Street)

LAKE FOREST, IL 60045-5201		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/22/2007   M   65,160 A $ 48.625 286,117 D  
Common Stock 03/22/2007   S   51,560 D $ 78 234,557 D  
Common Stock 03/22/2007   S   4,200 D $ 78.03 230,357 D  
Common Stock 03/22/2007   S   2,100 D $ 78.04 228,257 D  
Common Stock 03/22/2007   S   100 D $ 78.05 228,157 D  
Common Stock 03/22/2007   S   200 D $ 78.06 227,957 D  
Common Stock 03/22/2007   S   100 D $ 78.07 227,857 D  
Common Stock 03/22/2007   S   100 D $ 78.08 227,757 D  
Common Stock 03/22/2007   S   300 D $ 78.09 227,457 D  
Common Stock 03/22/2007   S   1,400 D $ 78.2 226,057 D  
Common Stock 03/22/2007   S   4,700 D $ 78.25 221,357 D  
Common Stock 03/22/2007   S   400 D $ 78.26 220,957 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option $ 48.625 03/22/2007   M     65,160 04/28/2002 04/27/2009 Common Stock 65,160 $ 0 0 D  
Option $ 42.8125             03/01/2003 02/28/2010 Common Stock 20,100   20,100 D  
Option $ 43.5             04/26/2003 04/25/2010 Common Stock 80,930   80,930 D  
Option $ 43.5               (1) 04/25/2010 Common Stock 12,140   12,140 D  
Option $ 37.5             04/25/2004 04/24/2011 Common Stock 175,000   175,000 D  
Option $ 37.5             04/25/2007 04/24/2011 Common Stock 8,100   8,100 D  
Option $ 54.61             04/24/2005 04/23/2012 Common Stock 175,000   175,000 D  
Option $ 45.5             04/30/2006 04/29/2013 Common Stock 174,000   174,000 D  
Option $ 54.14             04/28/2007 04/27/2014 Common Stock 81,000   81,000 D  
Option $ 52.29             04/27/2008 04/26/2015 Common Stock 90,000   90,000 D  
Option $ 76.61             04/26/2009 04/25/2016 Common Stock 80,000   80,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
KEYSER RICHARD L
100 GRAINGER PARKWAY
LAKE FOREST, IL 60045-5201		       Chairman and CEO  

Signatures

 L. M. Trusdell, as attorney-in-fact   03/23/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Exercisable in four equal annual installments beginning 4/26/2001.

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