Exegesis:

hē gar psuchē pleion estin tēs trophēs ‘for life is something more important, or, valuable, than food.’ Both times the article (hē and tēs) is generic. pleion is substantive. psuchē has the same meaning as in v. 22, and v. 23 emphasizes the difference in value and meaning between physical life and that which is needed to sustain it.

kai to sōma tou endumatos ‘and the body (is something more important, or, valuable) than clothing,’ with pleion estin understood, see above.

Translation:

Life and body may have to be possessed, ‘your life,’ ‘your body.’

For clothing see 7.25.

Quoted with permission from Reiling, J. and Swellengrebel, J.L. A Handbook on the Gospel of Luke. (UBS Handbook Series). New York: UBS, 1971. For this and other handbooks for translators see here . Make sure to also consult the Handbook on the Gospel of Mark for parallel or similar verses.