Accretion conditions and morphologies of X-ray transients containing neutron stars are still poorly understood. Circinus X-1 is an enigmatic case where we observe X-ray flux changes covering four orders of magnitude. We observed Circinus X-1 several times at its very lowest X-ray flux using the high energy transmission grating spectrometer on board the Chandra X-ray Observatory. At a flux of 1.8$times10^{-11}$ ergcm we observed a single 1.6 keV blackbody spectrum. The observed continuum luminosity of 10$^{35}$ ergsec is about two orders of magnitude too low to explain the observed photoionized luminosity suggesting a much more complex structure of the X-ray source which is partially or entirely obscured as had been previously suggested. This affects most emissions from the accretion disk including previously observed accretion disk coronal line emissions. Instead, the strongest observed photoionized lines are blueshifted by about $sim 400$ kms and we suggest that they originate in the ionized wind of a B5Ia supergaint companion supporting a previous identification. The neutron star in Cir X-1 is very young and should have a high magnetic field. At the observed luminosity the emission radius of the blackbody is small enough to be associated with the accretion hot spot as the X-ray emitting region. The small emission radius then points to a field strength below $10^{12}$ G which would be consistent with the observation of occasional type I X-ray bursts at high magnetic fields. We discuss Cir X-1 in the context of being a high-mass X-ray binary with some emphasis on a possible Be-star X-ray binary nature.
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